Panter and Son Limited - Period Ending 2017-01-31

Panter and Son Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2017

Registration number: 00450732

Panter and Son Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Panter and Son Limited

Company Information

Directors

Mr R Panter Ms J Tepielow

Company secretary

Ms J Tepielow

Registered office

25 The Parade Exmouth Devon EX8 1RH

Accountants

Francis Clark LLP Vantage Point Woodwater Park Pynes Hill Exeter EX2 5FD

Page 1

Panter and Son Limited

Balance Sheet

31 January 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	140,329	147,559
Other financial assets	5	970	970
		141,299	148,529
Current assets
Stocks	6	331,000	299,347
Debtors	7	329,667	295,453
Cash at bank and in hand		54,217	138,489
		714,884	733,289
Creditors: Amounts falling due within one year	8	(281,156)	(324,923)
Net current assets		433,728	408,366
Net assets		575,027	556,895
Capital and reserves
Called up share capital		77,993	77,990
Profit and loss account		497,034	478,905
Total equity		575,027	556,895

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Panter and Son Limited

Balance Sheet

31 January 2017

For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 31 October 2017 and signed on its behalf by:
 

.........................................

Mr R Panter

Director

Company Registration Number: 00450732

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Panter and Son Limited

Notes to the Financial Statements

Year Ended 31 January 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
25 The Parade
Exmouth
Devon
EX8 1RH

These financial statements were authorised for issue by the Board on 31 October 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company has transferred from previously extant UK GAAP to FRS 102 as at 1 February 2015.

There were no changes to the previously stated equity as at 1 February 2015 or 31 January 2016 nor in the loss for the year ended 31 January 2016 as a result of the transition to FRS 102.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land and buildings	2% straight line
Fixtures, fittings and equipment	15% to 20% straight line
Motor vehicles	25% straight line
Website costs	33.3% straight line

Page 4

Panter and Son Limited

Notes to the Financial Statements

Year Ended 31 January 2017

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 5

Panter and Son Limited

Notes to the Financial Statements

Year Ended 31 January 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2016 - 14).

Page 6

Panter and Son Limited

Notes to the Financial Statements

Year Ended 31 January 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £
Cost or valuation
At 1 February 2016	207,233	12,222	7,150	8,000
At 31 January 2017	207,233	12,222	7,150	8,000
Depreciation
At 1 February 2016	65,427	11,803	7,150	2,666
Charge for the year	4,145	419	-	2,666
At 31 January 2017	69,572	12,222	7,150	5,332
Carrying amount
At 31 January 2017	137,661	-	-	2,668
At 31 January 2016	141,806	419	-	5,334

	Total £
Cost or valuation
At 1 February 2016	234,605
At 31 January 2017	234,605
Depreciation
At 1 February 2016	87,046
Charge for the year	7,230
At 31 January 2017	94,276
Carrying amount
At 31 January 2017	140,329
At 31 January 2016	147,559

Included within the net book value of land and buildings above is £137,661 (2016 - £141,806) in respect of freehold land and buildings.
 

Page 7

Panter and Son Limited

Notes to the Financial Statements

Year Ended 31 January 2017

5	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 February 2016	970	970
At 31 January 2017	970	970
Impairment
Carrying amount
At 31 January 2017	970	970

6

Stocks

	2017 £	2016 £
Other inventories	331,000	299,347

7

Debtors

	2017  £	2016  £
Trade debtors	327,180	292,785
Prepayments	2,487	2,668
	329,667	295,453

8

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	9	181,000	187,108
Trade creditors		58,787	72,340
Social security and other taxes		29,581	50,816
Other creditors		4,088	6,959
Accrued expenses		7,700	7,700
		281,156	324,923

Page 8

Panter and Son Limited

Notes to the Financial Statements

Year Ended 31 January 2017

9	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	-	6,108
Redeemable preference shares	181,000	181,000
	181,000	187,108

10	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary A shares of £1 each	20,000	20,000	20,000	20,000
Ordinary B shares of £1 each	24	24	24	24
Ordinary C shares of £1 each	8	8	8	8
Ordinary D shares of £25 each	50	1,250	50	1,250
Ordinary E shares of £1 each	56,708	56,708	56,708	56,708
Preference shares of £100 each	1,810	181,000	1,810	181,000
	78,600	258,990	78,600	258,990

Page 9